Which of the following factors make a barter system inefficient relative to a money system?
a. Unanticipated inflation in the money system
b. Gains from trade for buyers in barter transactions come at the expense of an equivalent loss from trade for sellers.
c. Complete dependence on double coincidence of wants in a barter system.
d. People in close-knit communities cannot trust the quality of the barter goods being exchanged.
c
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In the income-expenditure model, firms stand ready to provide all the output that is demanded
Indicate whether the statement is true or false
The common measure of wealth used in calculating the distribution of wealth includes
A) workers' claims on the Social Security system. B) workers' claims on private pension funds. C) financial assets. D) human capital.
In 2009, nominal GDP was $14,050 billion and M1 was $1,587 billion. Velocity was
a. 0.11. b. 8.85. c. 11.30. d. 14.25.
In 2014, the typical Bangladeshi had about
a. more than half the real income of a typical American a century ago. b. the same real income of a typical American a century ago. c. 2 times as much real income as that of a typical American a century ago. d. 4 times as much real income as that of a typical American a century ago.